EKO NEWS

Special Adviser Advocates For Strong Real Estate Regulation To Achieve Greater Lagos

Published

10 months ago

Feb 14, 2024.

Eko Hot Blog reports that in a keynote address at the Real Estate Outlook 2024 event organized by the Nigerian-British Chamber of Commerce (NBCC), Barr. Barakat Odunuga-Bakare, the Special Adviser to Mr. Governor on Housing, has highlighted the crucial role of robust real estate regulations in achieving the Greater Lagos Rising vision of Governor Babajide Sanwo-Olu.

The event, themed “Looking Ahead, Gauging Opportunities,” aimed at providing a platform for stakeholders to explore prospects in the real estate sector, saw Odunuga-Bakare expressing optimism that collaborative efforts and adherence to regulatory standards will contribute to the realization of the Greater Lagos Rising mantra.

Emphasizing the significance of transparent real estate regulations for fostering a conducive environment in Lagos State, the Special Adviser stressed that such regulations must be in place to ensure sustainable growth within the real estate industry.

Highlighting the commitment of the Lagos State Government to prioritize the housing sector, Odunuga-Bakare pointed to the implementation of the Affordable Home Ownership Scheme as part of the state’s agenda to propel it into a 21st-century economy.

During her presentation, she informed the audience about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), a regulatory agency tasked with overseeing the activities of individuals and organizations in the real estate sector.

Odunuga-Bakare outlined LASRERA’s mandate, including issuing and renewing permit licenses, investigating complaints, eliminating unethical practices, and conducting training for industry professionals.

She praised the collaboration between LASRERA and federal enforcement agencies, emphasizing the need to restore confidence among local and international investors by effectively combating fraudulent practices.

The Special Adviser emphasized the importance of ensuring that only qualified professionals operate within the industry to safeguard the interests of buyers and investors.

She called for the cooperation of all stakeholders in registering with LASRERA to effectively combat fraudulent practices.

Odunuga-Bakare urged real estate practitioners to comply with the provisions of the State Real Estate Law and advised investors to verify LASRERA permits before engaging in property transactions. She concluded by emphasizing the need to sanitize the sector, encouraging private sector partnerships to boost investor confidence in the real estate market.

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